The Benchmark Interest Rate Remains Unchanged

SOUTH AFRICA - Report 19 Sep 2013 by Iraj Abedian
Today’s decision by the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) continues a period of no change in the benchmark interest rate. Cognizant of the upside nature of inflationary risks and the underlying hesitant economic recovery in South Africa, the MPC kept the repo rate at 5% per year (See Graph 1). Graph 1: Headline and core inflation rates and repo rate, South Africa, Jan. ‘10 – Aug. ‘13 Source: SARB and Stats SA Echoing our earlier view, the SARB pointed out that above-inflation wage settlements and the rand exchange rate remain the key threats to the inf...

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